tv MSNBC Live With Steve Kornacki MSNBC February 24, 2017 1:00pm-2:01pm PST
stocks became bullish for stocks. >> and look at that, josh, susan, at the closing bell, up 6.8 points. so all this talk, they may have been watching msnbc and decided to do a turn around. >> he was coming, jacob. it was just so close towards the end. >> there you go. susan lee, josh, thank you so much. that is it for me. i am jacob soboroff, thanks to you all and kate's team for a super fun week. she'll be back monday afternoon. i will see you from wherever they send me next. look for me kpuchg next, the one, the only, steve kornacki. >> jacob, that was exciting, a last minute rally on wleet. ended up positive. i did not see that coming. little bit of spence in your
final minute. thanks for that. good afternoon, i'm steve kornacki live here in new york. day 36 of the first 100 days. topping our agenda right now, the hostile takeover. >> the core conviction of our movement is that we are a nation that put and will put it's own citizens first. [ applause ] >> the president president trump returning today to cpac with a new definition of conservatism and a vow to deliver. also on the agenda, correcting the record. >> there's always a level -- strong independence and the department of justice to manage investigations. there has to be a separation from the white house and guardrails to not discuss things inappropriately. >> white house officials telling nbc news that reince priebus asked the fbi to push back against a new story on the trump camp's ties to russia.
critics say the white house chief of staff crossed the line, but did he break any laws? and it is going to be decision day for democrats. >> let resistance plus persistence equal progress for our party and our country. >> hillary clinton won't be leading the democratic party in the trump era, but she is speaking out as the race to be the next democratic chairman reaches the finish line. who has the inside track? we are going to break down this weekend's big election. we'll do that in label the. we begin with the top story today, trump at cpac. the president addressing the annual gathering of the conservative grass roots. he becomes the first republican president to speak to cpac since ronald reagan, the godfather of modern conservatism back in the early 1980s, and how much things have changed in this era of trump. in so many vital areas from trade to entitlement spending,
to the subject of russia, trump being cheered today by offering a vision of conservatism that in some ways would be unrecognizable to the gypper. >> the core conviction of our movement is that we are a nation that put and will put it's own citizens first. for too long we've traded away our jobs to other countries so terrible. we've defended other nation's borders while leaving ours wide open. by stopping the flow of illegal immigration, we will save countless textiles. i've also followed through on my campaign promise and withdrawn america from the transpacific partnership. [ applause ] so that we can protect our economic freedom. and we will not stop until the
job is done. >> all right. let's go over to kasie hunt now, she's at the conference, the cpac event down there in maryland. so kasie, a year ago, donald trump running for president, refused to go to cpac. he certainly started to set this up as a triumphant moment. >> reporter: it felt that way, steve. he got up on stage and said, i think the quote was, i love you people. and they didn't show him much love last year. they were, you know, more interested in a lot of people who ran against him. and you know, there's been acknowledgment, reince priebus said hey, i realize a lot of you supported someone else in the primary. you have somebody else you wanted to focus on, but the reality is, he won the election. and now they have a chance to implement a lot of these policies, but you're right that this is in my ways a republican party and a brand of conservatism in a ronald reagan would not have recognized. steve bannon has been using the phrase economic nationalism here over and over and over again, and it's become something of a
buzz phrase. and i think that really is kind of the opposite of the trajectory of conservatism and a republican party that was often defined by business interests by trying to relax tra restrictions to be more global to help those companies grow and thrive. it's been defined around free enterprise, and instead now you have republicans in the white house who are coming here and saying, no, we're going to rewrite all of that global trade infrastructure, we're going to talk completely differently about this. we're going to focus on the fact that steve bannon talked about american culture being an important thing that should be preserved and that should be the part of dined of the push forward. that is a fundamental switch. and that has stale been on display, it was missing from trump's address. there were standing ovations, he was widely cheered. everyone has been wearing the make america great again hats. i would not characterize it as a place that sort of disrupted by that necessarily. you know, we'll see the one thing i will say about that
this, steve, having covered this gathering for more years in a row than i care to admit, it has kind of lost that opposition party spark. and really animated the hallways in year's past. people out in the wilderness and there was a lot of anger and fefr and they were searching around for their new candidate every year. it was a big test for everybody who took the stage and potential candidate after potential candidate. there's kind of this collective sigh and now they're going to see i suppose if he's somebody who at the end of four years or after two is pushing forward their conservative vision, steve. >> yes, new era for cpac. their guy has power again, kasie hunt live there at cpac. thank you for that, kasie. i want to correct something i said at the top, donald trump is the first republican president to address cpac since reagan. he is the first, first-year republican president to address cpac since reagan back in 1981.
george w. bush did address it, just not in his first year. anyway, the trump camp right now pushing back on reports that chief of staff reince priebus asked fbi officials to refute news stories on the trump campaign's ties to russia. white house insisting priebus did nothing wrong from more i want to bring in kelly o'donnell at the white house, kelly, take us through this. what is reince priebus accused of here and what exactly is the white house's defense? >> reporter: well this is about the story of the fbi investigating russian interference in the 2016 election season and also looking at associates of donald trump. campaign advisors w may have had contact with russians during the campaign period. that's a bad story for the white house, one ty have tried to push back on. so what happened? we are told by senior administration officials that reince priebus was in a meeting with a senior white house official and that fbi -- i'm sorry, fbi official and that fbi official said to priebus, we don't think that the story in
the "new york times," a specific couple of facts, related to russian intelligence is accurate. reince priebus wanted the fbi then to help knock that story down publicly, we are told, and this conversation was about a new story that say not about the underlying investigation. today, senior administration officials say they believe that was entirely appropriate because it's about the public affairs side of this, not the investigative side, and they believed it was sort of exsculpt toir information coming from the fbi and they wanted that help. now, that has raised a love the complaints from democrats who say this is inpreept. that this is a contact that should not have taken place. that the white house chief of staff should know not to discuss anything that is related to this ongoing investigation with an fbi official. separately we're told by the colleagues that typically, an attorney general sets up guidance about contacts between the department of justice and the white house. and those go back most recently to like eric holder, michael and
the bush years, and that it was focussed on justice department officials, should not be talking to the white house. but did not exclusively deal with white house officials going the other direction. so this is an area where the white house says didn't do anything wrong. democrats say, this doesn't look good, shouldn't have happened, and how much of a controversy will it be? the underlying story's probably the much bigger issue. were there contacts between associates of donald trump with russia? that, we don't have the answers yet. that investigation continues to unfold. and we don't have a final answer. but the white house wanted to say that the fbi was telling them that at least on some issues, that the white house really was okay to say publicly that some of that information was wrong. and that is a controversy the democrats don't want to let go of. they want to shine a light on that, steve. >> thanks, and kly one quick thing here, we have ns from the white house today, another executive order signed by the president. tell us about that.
>> reporter: well the president doing another executive order. relating to regulation. asking that when new regulations are added in any agency, that they scrub the books and look for other regulations that could be dropped. so if if you add a in new one, take others away to try to refine how much regulation is especially affecting business. this was a product of one of the working groups the president set up with a number of ceos. they were in the white house today when he signed that executive order. steve. >> all right, kelly o'donnell at the white house, thanks for that. trade, one of the issues that donald trump addressed today at cpac and the president doing so by invoking an unlikely ally. >> a lot of bernie people voted for trump, do you know why? he's right on one issue, trade. he was right about trade. our country is being absolutely devastated with bad trade deals. so he was right about that, but we've got a lot of bernie support. so actually i like bernie. okay, i like bernie. >> let's bring in sam stein and tim kearny, commentary editor at
the washington examiner. >> tim, let me ask you, we talked at the top here, donald trump pressing issues here, sounding themes at cpac that are different with more we've associated for so long. we played the clip there. the audience cheered when donald trump talked about cancelling tpp. the transpacific partnership. republican party, conservative movement used to be all about free trade, is this a turning point movement for conservatism that we watched today? >> i think some of it is is aurning toint. some you have to wonder how much trump is bringing the movement with him and some of it you have to wonder how much the republican establishment left the movement behind. this love of free market is skbrrlly a conservative thing, global trade, more internationalism and all sorts of ways, immigration more and trade. that's something the elites have loved. the base, there's always been a skepticism, and i think trump is bringing that skepticism out of the wood work. >> and sam, you hear donald trump there mentioning invoking bernie sanders and some people
look at that electoral map from back in november, those areas at fpped from obama to trump, rust bel areas, pennsylvania, ohio, michigan, we know them all. does the president have a point there that he appealed to a certain cross section of bernie sanders supporters in the general election? that they are in a way part of his base? >> well sure, certainly. and you saw it in all the anecdotal reporting, towns in nelsonville, ohio, towns that have voted for obama twice, and then flipped and went to donald trump. a lot of it was about trade. a lot of it was about income equality. some of trump's general appeal. and i think he sort of scrambled on how campaigns have to go. he's making a push now that doesn't necessarily correspondent with the people he surrounded himself with. he's talking about bringing jobs back, he's going to specific motor companies, touting jobs that might have been in the works that he's taking credit for. getting out of these trade agreements and he's splintering, if you look at it, splintering the union movement. things like the keystone
pipeline for instance, something where the union movement is splintered and he's going further. this is a reshuffling of the political calculus. look like he's continuing to do it. the question i have is will he expand further? he said he wanted a big infrastructure package. that would appeal to the blue collar voters. that's fallen off label the. we don't hear about it in light of obamacare appeal and tax reform. i'd be curious to see if a his advisors push that again to keep the momentum going. >> and tim, let me ask you about the mood of the crowd there at cpac. what is the most important thing -- when you talk to conservatives is there a most important thing they want to see done by the trump administration early on? >> well first thing is what he has done which is nominating neil gorsuch. there's a lot trump noted as reince priebus noted yesterday, there's a lot of people who were ted cruz, marco rubio people who either didn't vote for trump or the general or vote with their nose held because they wanted a
supreme court nomination. and so they got gorsuch or the most thing, they want to see gorsuch getting actually confirmed and across there. the repeal of obamacare is definitely the top issue they want to see. the wall is popular, but the obama carrey spiel by far the top policy reform they want. >> shifting gears to the subject -- the story about fbi, reince priebus, potential contacts tloo there between priebus and the fbi about the story that appeared about the trump campaign and russia. sam stein, you heard from kelly o'donnell, the white house's verngs of this, basically they're saying hey look, the fbi and fbi official was at the white house, told priebus the story was essentially b.s., priebus's response they say was basically a natural one. can you say publicly what you're telling me right now. do they have any point there, do you think? >> yeah, but it doesn't make the story any less unseemly. if anything, it adds a different element to it. why would the fbi be updating the white house an investigation that may be launching into it in
realtime? and the fbi is supposed to be hands off on these types of things. and for an administration that during the campaign made a lot of hay, rightfully so i would say about a meeting that then attorney general loretta lynch had on the airplane with ex-president bill clinton. these types of communications are very, very sensitive. and you would think that this administration would try to steer clear of them. not sure if under reince priebus's retelling of events what he should have done differently. should the fbi have been in that position where it was updating him in the course of the investigation? that's the question that the fbi has to answer. >> urg did the campaign that bill clinton had that meeting on an airplane, they were idling on the tarmac there with loretta lynch, both of them said, hey, it was just an innocent friendly conversation. certainly reince priebus, the trump campaign at the time had a different opinion. tim kearny, is the white house, is the trump white house right now asking for a benefit of the doubt that it was unwilling to gave the clinton campaign and loretta lynch over the summer? >> oh, absolutely. and i think what we're seeing
is -- we see it in lots of issues, it's harder to do this job, and there's a lot more pitfalls than i think these people understood. a lot of these are rookie mistakes. i think trump saying this stuff what he said about reporters shouldn't be allowed to do x, y. he hasn't adapted and maybe priebus hasn't adapted when you're in that white house, when you're there, there's lots of constraints on you that they're not used to those constraints and stepping over them. rookie mistakes. >> all right. tim kearny at the cpac conference, sam stein at the white house, thanks for joining us, appreciate it. and we are going to take a quick break here. coming up though, it is a big weekend for the democratic party. there's an election this weekend. members of the democratic national convention are going to pick a new chair tomorrow. coming up, we're going to break down this very closely watched, very important race. a lot of unpredictability there. plus the new fight over recreational marijuana. >> there's a big difference between the medical use which congress has thrown
appropriations in 2014 made very clear what the intent what they're intent was. >> some states have legalized reck national marijuana. is the trump administration putting them on notice? my colleague, jacob soboroff reported extensively on the effects of legalization joins me next. there's nothing more important to me than my vacation. so when i need to book a hotel room, i want someone that makes it easy to find what i want. booking.com gets it. they offer free cancellation, in case i decide to go from kid-friendly to kid-free. now i can start relaxing even before the vacation begins. your vacation is very importan that's why booking.com makes finding the right hotel for the right price easy. visit booking.com now to find out why we're booking.yeah there's a more enjoyable way to get your fiber. hey, it's the phillips' lady! try these delicious phillips' fiber good gummies, a good source of fiber to help support regularity. mmm...these are great!
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house press secretary raising the prospect of marijuana -- concern among marijuana advocates, excuse me, around the united states. he's indicating there that the trump administration will take a much tougher approach on forcing federal marijuana laws. now, the legalized marijuana industry has been growing dramatically over the past few years, jacob soboroff has been tracking it along the way. >> reporter: these are the actual buds on the plant that these are going to buy and smoke or do whatever they wish. >> yeah. all of this is marijuana. everything around us, under the medical marijuana law in nevada currently, it's completely legal. >> it's legal. in the state of nevada. >> reporter: this bag is worth how much money? >> this bag, wholesale cost of this is around $2,000. >> reporter: wow. >> retail for around $4,500. >> reporter: essentially a bag of cash. >> yes. >> jacob soboroff, our own msnbc
correspondent. you've got federal law that says american's illegal. you have a number of states that have said, forget that, it's legal recreatnally in our state. does the trump administration, and if it wants have the power to shut that down? >> first of all, it's an honor to be the marijuana correspondent. it was a great assignment. >> senior marijuana correspondent. >> yeah, there's schedule one drugs. and marijuana is on that list along with other narcotics like methamphetamine, cocaine, ownership yoeds, fentanyl. it puts it in a category that the federal government can raid marijuana dispensary us across the country. under the obama administration in 2014, the administration stopped doing those raids through the d.e.a., drug enforcement agency, but now, with sean spicer saying yesterday, some suspected that actually might come back during the trump administration. and this as one in five americans now, steve, has access to recreational marijuana with a handful of states just in the 2016 election on election night actually legalizing recreational
poet. >> what could the effect be? one in five live where there is legal recreationally. would this shut down the whole industry that sprung up? >> that's a great question. in fact, it could be quite a mess. and in the last hour actually i was talking to colorado governor john hickenlooper, his state was at the forefront of the recreation gnat marijuana legalization trend. it's now a billion dollar business there. this is what he had to say. >> i think it's the wrong time to pull back frp this experiment, and if the federal government's going to come and begin closing in and arresting people that are doing what's legal in different states, oh my god, it creates a level of conflict that's going to be difficult. >> a level -- you hear hickenlooper say a level that's going to be difficult. this could set up a big clash around state's rights. ironically we heard the trump administration calling for states rights on the transgender
bathroom issue yesterday, but ironically, the federal government has supremacy here on pot. >> and so what is -- is there a real simple partisan divide on this? do you find bleeding over here republicans who support these recreational laws? democrats who oppose it, how does tha bak down? >> even chris christie actually was one of the first people on the republican party to stand up and say we have got to stop the war on drugs, which of course is different than the drug war that's going nonplaces like latin american countries, mexico, et cetera, i think there are a the love republicans out there that have heard the calls from their constituents, it's like the number one topic in these user generated debates. the presidential candidates. that their constituents want both recreational and medical pot to be legal, but in comes now as donald trump has appointed attorney general jeff sessions who at one point said literally, quoting, good people don't smoke marijuana. that's from the current attorney general of the united states. >> very, very different attitude there, jacob soboroff, msnbc correspondent, expert on the
legalization of marijuana. there you go. wear that one proudly. thanks for joining us, appreciate it. still ahead -- >> no, don't be disappointed. there's more people, he's coming, he's coming. [ applause ] >> and remember him? that's president obama. he's back today in public view waving to a crowd of hundreds, hoping to get a glimpse of him. he's one of the first public sightings of the now former president since he left office. more on that, next. did you make that? i did... n't. hey, come look what lisa made. wow. you grilled that chicken? yup! i did... n't. mhm, lisa. you roasted this? uhuh... n't. introducing smartmade by smart ones. real ingredients, grilled and roasted using the same smart cooking techniques you do. you own a grill? smartmade frozen meals. it's like you made it. and you did... n't.
all right. it's timeor aheck now of the headlines at the half hour. president trump launching another attack on the media during his big speech to the conservative political action conference earlier today. trump telling conservative activists from across the country that reporters need to stop using unnamed sources. the president also vowing to deport people in the united states illegally to prevent terrorists from entering the country and to repeal and
replace the affordable care act. also known as obamacare. the president also taking aim at government regulations today. trump signing an executive order directing each federal agency to establish a task force to determine which regulations can be simplified or eliminated. democrats are accusing the trump administration of improper interference in a pending investigation. trump administration officials acknowledging the white house chief of staff reince priebus asked a top fbi official to push back publicly against a news story about context between trump aids during the campaign and russia. the white house says priebus did nothing wrong, senior law enforcement officials telling nbc news that fbi officials do not believe any lines had been crossed. and how about this one? a blast from the past. former president barack obama making a public appearance in new york city today. it is still unclear what exactly the former president was up to in the big apple, but this is one of his first public
appearances since leaving office on january 20th. take a look at that. and malaysian police meanwhile say that a banned chemical weapon was used to kill kim jong nam. he was the half brother of kim jong-un. police say that the traces of the vx nerve agent were found in his body. kim jong nam died after two women put a substance on his face at the airport in kuala lumpur. and the company building the controversial dakota access pipeline says oil could begin flowing through the pipeline in less than two weeks. the transfer partner saying it has completed drilling under a missouri river reservoir and that it will soon be laying pipe. this news coming days after authorities cleared a camp that had been set up by protesters who were trying to black construction of that pipeline. and supreme court justice ruth bader ginsburg says she does not plan to retire from the high court any time soon.
ruth baid ir ginsburg is 83 years old, joined the court back in 1993, but just told an audience at george washington university that she plans to serve for as long as she can. and now, to the immigration debate and it's potential impact on american farms. some farmers are worried about how president trump's crackdown on illegal immigration could affect them. and that includes farmers who were trump supporters in the campaign. farmers in many places rely on seasonal workers to pick produce and those workers often travel back and forth from mexico. joe lean kent talked with farmers in the central valley about what trumps plans could mean for them. >> reporter: greg is a fourth generation farmer who voted for president trump. >> we're definitely positive about some of the decisions he can make regarding business and taxes. >> reporter: but harvests almonds to cotton and grapes employs up to 300 workers a
year. many from mexico. the trump administration's recent immigration actions have him worried about his labor supply. >> just, you know, concerned on the immigration front a little bit about how it's going to play out. labor's difficult to come by right now. and it feels like it's going to get even tighter. >> >> reporter: many farmers are concerned about president trump's immigration policies as a quarter of the nation's food is produced right here in california's central valley. 32 miles south, another fourth generation farmer jason voted for trump too. he wants trump to make it easier for mexican workers to come and go legally. >> it's 100% of my labor force. what they want to do is provide for their families and work hard and make a better life for the next generation to come. >> reporter: he and others want trump to overhaul the visa program. a type of visa that allows foreign agriculture workers in the u.s. on a temporary basis. he hopes trump will shorten the wait time and lower the costs of
h 2 a. farmer johmoore voted for trump as well. you guys essentially feeding the country here? >> we're feeding the world. >> reporter: oh yeah? moore wants trump to give farmers a seat at the twhabl it comes to shaping immigration policy. >> this immigration policy that's broken, and it is broken, since 1995 we've been in favor of reform, but it hasn't happened. ag is very important. and it's what the central valley lives and dies on. >> reporter: immigrant labor is what these farmers say the central valley relies on. they're standing by president trump, they say, gave him time to prove he can deliver. joe lean kent, nbc news, california. all right. thank you for that. meanwhile, we're coming up on the weekend, and guess what, it is an election weekend. hillary clinton releasing a new message to democrats today. this comes as the party will choose it's new chairman tomorrow. take a look.
>> we as democrats must move forward with courage, confidence, and optimism. and stay focussed on the elections we must win this year and next. let resistance, plus persistence equal progress for our party and our country. >> all right, you can call this the biggest little election in the country. there are fewer than 1,000 votes that are going to decide this, but the winner in many ways, the public face of the democratic party. the chair of the democratic national committee. the election as we told you will be tomorrow in atlanta. here you have the candidates. you've got seven of them who are left and eighth just dropped out yesterday. but really, take a look at this, this is the latest whip count. it's been compiled in this the public commitments, the commitments the associated suppress hearing for these candidates and what you see, you have got two here that stand out. tom perez, that's the former labor secretary. obama administration official,
and you've got keith ellison, democratic member of congress from minnesota. you have jamie harrison, he was in third the last time they checked this. keep in mind, harrison is the candidate who dropped out yesterday and who did he endorse? he endorsed tom perez. that's probably only going to help perez. a lot of people looking at that perez versus ellison battle. a test in some way us the strength of the bernie sanders wing in this fight. because keith ellison was an early supporter of bernie sanders. keith ellison running in this race with the support of senator sanders. that's something to keep an eye on. the other candidates up there, it they ma be hoping for a second ballot in that this race. if either can get a majority early on, maybe it opens it up, maybe there's chaos and other candidates finds a way to slip in. in terms of the energy in the party right now as it approaches this election, what are democratic voters going to tell their leaders they want? well here it is. this is the "new york times," they say weekend democrats are opting for total war on trump. that is absolutely the mood of
the base of the democratic party right now. check this out, this was a poll this week, it asked democratic voters what are you afraid of when you think of leaders in congress? their relationship with trump nearly three out of four said they are afraid that their leaders, democrats in congress won't do enough to oppose donald trump. barely any of them said they thought democrats might go too far, as far as they're concerned, there's no such thing as too far when it comes to opposing donald trump, and that sentiment, that energy, it is absolutely reflected in the campaign that's been run for dnc chair. take a look. >> we have seen from the get go that this person wants to turn the clock back, and the democratic party needs to take the fight to donald trump. >> donald trump has already done a number of things which legitimately raised the question of impeachment. >> the way we're going to take back the senate, the way we're going to take back the house, the way we're taking back state houses is to get back to basics. that's what we need to do as a party.
we have to make house calls. we have to have a 12-month a year organizing presence. >> i'm the right person to be the next chair of the dnc because i have a burning conviction that the democratic party has to stand for the working people of this country. >> all right. we are going to get our answer tomorrow. who the next democratic chairman will be, hundreds of thousands of democrats around the country will be watching this, but remember, the vote will only be held by those members of the democratic national committee. there are fewer than 1,000 of them. who will they choose? we will find out in less than 24 hours from now. biggest little election in the country. saturday, in atlanta. quick break here. meanwhile when we come back, in the last two weeks, congressional town halls have been getting plenty of attention. large crowds, vocal crowds, lots of protests, but does it mean that more americans are engaged politically? what does it mean for democrats who think they have the energy to take back the house? that's the most important number of the day, and it's next.
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we also have a guy who gropes women. >> right. >> now tell me where your standards are at, senator. how low are they? that these things don't bother you enough that you will speak out and say enough is enough? [ applause ] >> that is just one of many scenes like it we've been seeing these last few days. the town hall meetings, a lot of republicans going back to meet their constituents and getting an earful for democrats they are looking at this hopefully they are saying, this could mean we have the energy now to win big in 2018. in the midterm elections. and that takes us to our most important number of the day today. it is 35. what does that have to do with this? 35, 35% of people in this country right now, according to a new poll, say that since the
election, they have become more politically active. that's more than a third of the people out there, they say they are more politically active now than they were before trump was elected barely anybody says they're suddenly apathetic as a result of this election and the rest of the country says it's about the same, but here's the number that i think democrats will be most interested in. check out the partisan gap on this this question on whether you're more active politically now than before the election? almost half of all democrats say the answer to that is yes. number for reasonables is pretty big too, but it is nowhere near as big as the number for democrats in that. that is what democrats are looking for here as they start to think of 2018. they are looking for energy, they are looking for enthusiasm. they are looking for a base that is alive and wants to get out and vote. remember this, midterm elections, you have two conflicting things going on here. history say us the out of power party generally does well in midterm elections. that bes well for democrats. more recent history though
suggests democrats may have an enthusiasm gap when it comes to midterm elections. that was the case in 14, that was in the case in '10, remains to be seen if it'll be the case in '18, but if that means something significant here in 2018. that enthusiasm gap may not be as much of an issue for democrats, couple that with the tendency of the out of power party to do well, that's the recipe democrats are looking for. that election a long way off, but certainly democrats are very much already thinking about it. and so that is our most important number of the day today. 35. we are going to take a quick break. still to come, the trump boom. another record week on wall street is the trump bubble poised to burst or what? up next, why analysts are warning washington may soon be in for a harsh reality check. did you know, 90% of the world's largest supercomputers run on intel? that means you can take a universe of data - in your case literally - and turn it into medical discoveries, diagnostic breakthroughs... ...proof that black holes collapse into one singularity.
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stocks rallied late in the day, that makes it 11 straight days of gains and record highs for the dow jones average. that is something we haven't seen obviously in a long time. overall, the dow now up more than 13% since president trump was elected back in november. investors are bullish about trump's plans to bring back jobs, slash regulations and reform the tax code, but the trump bubble be ready to burst for the go chief correspondent and ben white wrote about this today. he joins us now to talk about this. ben, you use that word, bubble, everybody gets nervous, we remember the bubble about a decade ago.
what are we sitting on here? >> well that was trump's word, he called this a big fat bubble before he was elected. now he takes credit for the greatest thing ever to happen. stocks are trading now as if a giant cut in the corporate tax rate is guaranteed, we're going to get all these regulations, all this stuff is going to happen. that's not necessarily the case in washington. there's a long path to get to tax reform. republicanin the house and senate don't agree, the white house doesn't agree, so, you know, if we get to a point where they're talking about obamacare, it gets bogged down, we're not doing corporate rate cuts, they will start looking expensive. and super high valuations, 27 times earnings on the s&p, that's way higher than normal. >> is that -- when we look at that chart that shows starting -- you can see it and it doesn't look like a coincidence that the point. starting on election day, it's been going up. that's anticipation of very specific policy developments here? >> yes, very specific expectation of a corporate tax cut going from, you know, the top 35 down to 20 or even 15
where trump wants to get it. investors say profits that are coming in now are higher because taxes are lower. that's going to happen. republicans control washington entirely, house, senate, white house, we can bank on it. you can probably bank on something happening on corporate taxes. will it be that big? we don't know. also all of trump's talk about trade wars is still out there, his opposition to immigration, both illegal and legal immigration. that hurts american companies that need to hire people and can't necessarily find them in the domestic work force all the time. there are plenty of anti-growth policies within this white house that could still come out and no guarantee of a giants sweeping tax cut soon. they're expecting it within the year, perhaps by summer. >> well, so what happens, let's play this out. we get to the summer, hasn't happened. doesn't even look like maybe it's going to happen in the immediate future. how low do you think the market can go then? >> it can sell off from where we are now. 10% on the s&p, and the nasdaq. you could give up a lot of those gains.
because not just are they anticipating all of the trump policies, they are also being fueled by soon recovery, but it's not huge, it's not supportable by the money the companies are making. it's affordable by policy. if the policy's not delivered or if we've got a white house that buried in controversy over russia, fbi, and not getting tax cuts down, 5, 10% correction across the board. these are expensive stocks and there's nothing really holding him up except for trump. >> thanks for explaining that to us. appreciate it. one final break here. on the other side, hollywood is gearing up for it's biggest night. that's going to be on sunday. and it raises the question, are the oscars in store fornoer moment like this? >> it was that moment when the person asking to sit in the most respected seat in our country imitated a disabled reporter. someone he outranked in privilege, power, and the capacity to fight back.
>> could this be the most politically charged oscars ceremony ever? there have been some doozies in the past. one might take the cake. we are also going to break down some of the contenders. look at the odds on all of the awards they are giving out. stay with us. esents itself? american express open cards can help you take on a new job, or fill a big order or expand your office and take on whatever comes next. find out how american express cards and services can help prepare you for growth at open.com. glad forceflex. find out how american express cards and services extra strong to avoid rips and tears. be happy, it's glad.
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uhuh... n't. introducing smartmade by smart ones. real ingredients, grilled and roasted using the same smart cooking techniques you do. you own a grill? smartmade frozen meals. it's like you made it. and you did... n't. i think hollywood is known for being rather far to the left. in it's opinions and i have to be honest, i think the president will be hosting a govern's ball. mrs. trump looking forward to a lot of time into this event that's going to occur and welcome the nation's governors
to the capital and i feel that that's where the president and the first lady are focussed on on sunday night. >> well, that was white house press secretary sean spicer a couple days ago saying president trump doesn't plan to be watching the oscars on sunday night. but president's presence will likely be felt on what is hollywood's biggest night. some winners could have plenty to say about him. joining us now to talk about this big night sunday and a look at who could win some of the big categories, tom o'neil, founder of goldderby.com, tom, you are the expert odds maker. the expert handicapper on all things academy awards. let me start on politics. because we saw meryl streep at the golden globes, she had the speech against donald trump, a lot of people saying are we in for a whole bunch of those on sunday? odds on the political content of this? >> 100% odds that the oscars will be a trump-bashing circus because the whole awards season, steve, has been this way. not just the globes with meryl street, but everybody at the sag
awards and the oscars are a bigger form and people can't resist. >> and what is the -- in terms of the reaction from the crowd. we can expect anything anti-trump is going to be cheered? any chance of any trump supporters in that crowd at all? >> yes, the guild awards offcamera this season like mark burnett, the producer of the apprentice accepted an award and was booed by everybody. that's happened a lot too. the big question is, what will the oscars put up with? remember, a few years ago when michael moore was accepting an award for bowling for columbine, he was up shout, shame on you, mr. bush, shame on you, and the oscars cut him off. sunday night we're looking to see how much they're going to allow if it goes into the crazy zone. >> and that's the other question. 46% of the country voted for trump, 48% voted for clinton. this is a commercial television broadcast. is there any concern on the part of the producers of this about alienating that 46%? >> i think so, yes, but i think
they also -- this is hollywood, they want to put on a good show. and you can't control these people. these are the biggest ego's in the world, with strong political views. >> all right. so we said you are the expert odds maker. we're going to break down the big categories here. starting best picture and look at this, you've got la la land at 2 to 11 odds. if you don't know, that means it's the overwhelming favorite. does that mean there's any chance any of these other pictures have a shot? >> no. la la land is going to be sweep the oscars, the only question is how far will it go? it has 14 nominations and 13 categories, it needs 11 to tie the record for the most overall at gold derby, we've got 30 experts making predictions, and we say it's going to win nine. >> and it looks like you've got it as the overwhelming favorite. for best director, we got that up one to ten odds on daimon. horse at the track, i'd say don't bet, you're not going to make money. there's no value there. how about this one, more competition here, best actor,
zen dell washington, you've casey affleck, close race you're seeing >> very, very close. 30 experts at gold derby, 15 say casey, casey's won everything this year except one key award that denzel took. it was the sag award. and that's the most telling tea leaf we have of what will happen. i'm betting on denzel, but it could go either way. >> yeah, and question also take a look here at best actress, again, you've got la la land favorite here, emma stone one to four odds. meryl streep pop up here, 66 to 1 odds. that is certainly a long shot, but it was meryl streep, we talk about the portfollitical conten. meryl streep with the speech that got so much attention. do the politics of hollywood, the politics of the academy awards spill over into the voting. what i'm asking, she gave that impassioned political speech, her name's on the ballot, could that have won her votes? >> yes, and i think we can't write her off.
it was just a few years ago, meryl streep pulled off an upset over viola davis in the help. she was in the iron lady. and everyone's jaw was on the floor. she could do it again. remember, just last week when the voting was going on, meryl was making a lot of strong political statements. i think that was her way of wooing the hollywood left to her corner, but look, this is all about la la land on sunday night. and emma stone is the heart and soul of that movie. she has to win. if there's an upset here, it will come from isabell, the french actress simple lit because the oscars are, you know, sometimes all about snob appeal. >> all right. it's the sunday night, the academy awards hollywood's biggest night. everyone -- not everyone in the country, but i'm not sure i will, but other people in the country will be watching this. and tommy o'neil, you will be too. thanks for taking minutes and joining us, appreciate that. and that is going to do it here for thus hour. a busy day of politics here, certainly, and probably will continue that way through the weekend. if the first month of the trump administration's been any indication. remember, coming up tuesday, all
day, live coverage here on msnbc leading into donald trump's first address to congress. it'll be that night, but we'll be covering it all day. i'm steve kornacki here in new york, thanks for joining us. mtp daily starts right now. if it's friday, identity crisis. what do the two parties stand for now? tonight extreme makeover. political edition. why democrats and republicans are evolving further and further om the cent. >> our victory was a victory and a win for conservative values. plus our new nbc/wall street journal poll. new insight into how americans feel about president trump's relationship with vladimir putin. and no press pass. the white house bars some news organizations from asking questions at an off-camera briefing. this after president trump